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State Economy
The United States is one of the largest and most technologically developed countries in the world. The Gross Domestic Product of the country in terms of purchasing power parity of the country has reached at $12.36 trillion (2005 est.).

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Illinois Economy

Agriculture and Industry in Illinois

Illinois economy is a set of human and social activities and institutions related to the production, distribution, exchange and consumption of agriculture and industry goods and services. The balance between Illinois various economic sectors differs largely between various regions and other states in the US.

Illinois Agriculture and Industry

Illinois's real gross state product in 2012 was estimated to be $594,201 which was $406,761 and 217% and 3 times higher than the national state average, $187,440. Illinois has the 5th highest GSP out of the 50 states.

Illinois is an important agricultural state. Rich farmland, adequate rainfall, and a long growing season contribute to its success as a leading producer of corn and soybeans. Other agricultural products include cattle, hogs, wheat, oats, sorghum, and hay.

Since the 1880s Illinois had been a leading industrial state. This is due to its reserves of natural resources and its excellent transportation and communication systems. The mineral wealth of the state includes deposits of coal and oil. The Chicago area is an iron and steel producer, meat packing center, grain exchange, and transportation center.

Some of the state's leading manufactured products include food and agricultural items, chemicals, printed and published materials, transportation and computer equipment, and industrial machinery.

Illinois Agriculture:

Corn, soybeans, hogs, cattle, dairy products, wheat.

Illinois Industry:

Machinery, food processing, electric equipment, chemical products, printing and publishing, fabricated metal products, transportation equipment, petroleum, coal.

The economy of the State of Illinois is highly diverse. The state's largest city, Chicago, is home to many of the nation's largest companies including Boeing, McDonalds, Bank One, United Airlines and Motorola. The chicagoland economy produces vast quantities of telecommunications gear, electronics, steel, automobiles, industrial products, and has a wide variety of financial institutions. It is also home to the two largest futures exchanges in the United States, the Chicago Board of Trade and the Chicago Mercantile Exchange.However, the regions of the state south of Chicagoland are highly agricultural. Corn and other large-field crops are heavily grown and account for most of the state's economic output outside of Chicago.

Illinois' agricultural outputs are corn, soybeans, hogs, cattle, dairy products and wheat. Its industrial outputs are machinery, food processing, electrical equipment, chemical products, publishing, fabricated metal products, transportation equipment, petroleum and coal.
State Economies
State Economies
A central feature of the US economy is a reliance on private decision-making ("economic freedom") in economic decision-making. This is enhanced by relatively low levels of regulation, taxation, and government involvement, as well as a court system that generally protects property rights and enforces contracts.
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